The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics
Melina Palmer
Consumers are weird. They don't do what they say they will do and don't act how we think they "should." Enter Melina Palmer, a sales conversion expert with a personal mission to make your business more effective and brain friendly. In this podcast, Melina will take the complex concepts of behavioral economics (the study and science of why people buy - or not) and provide simple, actionable tips you can apply right away in your business. Whether you're a small business or thriving corporation, Melina's tips can help your business increase sales and get more customers.
Episodes
Mentioned books
10 snips
Nov 7, 2024 • 52min
443. The Birth of Consumer Choice w/ Jason Voiovich
In a captivating conversation, Jason Voiovich, author and fractional chief marketing officer, dives into the consumer revolution of the 1920s. He shares insights from his journey and how innovations of the era shaped modern consumer behavior. The discussion highlights the impact of mass production and marketing on choice culture, as well as the psychological ties between identity and consumption. Jason emphasizes learning from history to navigate today’s business challenges, making connections that illuminate the evolution of consumer culture.
12 snips
Nov 5, 2024 • 37min
442. The Power of NUDGES and Choice Architecture (Refreshed Episode)
Discover the intriguing world of choice architecture and nudges, which shape how we make decisions. Learn how small changes in choice presentation can lead to better outcomes, with compelling examples like cafeteria food placement. Dive into the groundbreaking work of Richard Thaler and Cass Sunstein, unraveling the principles that help us understand behavioral economics. This conversation is all about applying these insights to enhance decision-making in everyday life!
8 snips
Oct 31, 2024 • 52min
441. Cracking Consumer Codes: Hunter Thurman of Alpha-Diver on Pricing Psychology
Hunter Thurman, President of Alpha-Diver, combines behavioral science and neuroscience to decode consumer behavior. He shares insights from the BEV 50 report, revealing that price perceptions often contradict actual costs. Hunter explains how social context and emotional connections can outweigh price, affecting choices for routine brands like Coke compared to explorers like Poppy. He also discusses the paradox of perceived wealth, highlighting how self-image influences spending decisions, particularly in the snack market.
Oct 29, 2024 • 38min
440. AI Meets Behavioral Economics: Predicting Consumer Behavior w/ Sam Albert of Behaviorally (Refreshed Episode)
Sam Albert, Chief Digital Officer at Behaviorally, combines AI and behavioral economics to predict consumer behavior. He discusses how Flash.AI enhances understanding of customer actions through predictive modeling and image recognition. Sam shares valuable case studies demonstrating its impact on product packaging and placement. He highlights the importance of continually updating AI models to reflect real-world changes, and emphasizes the synergy between machine learning and human insights in improving market strategies.
Oct 23, 2024 • 47min
439. Behavioral Science at Scale: William Mailer on Banking Innovations
William Mailer, Chief Behavioral Scientist at Commonwealth Bank of Australia, leads efforts to enhance financial well-being through behavioral insights. He shares how the innovative Benefits Finder connects Australians to over $1.2 billion in government benefits. Mailer emphasizes the significance of operational transparency in banking, showing how clear credit card options can improve customer retention. He also discusses building effective behavioral science teams and the importance of understanding customer needs to create lasting value.
Oct 21, 2024 • 45min
438. Apple Card: Behavioral Economics in Action (Refreshed Episode)
Dive into the fascinating world of behavioral economics with a look at the genius behind the Apple Card launch. Discover how Apple expertly built anticipation and shaped consumer expectations. Uncover the power of framing and herding behaviors in marketing strategies. Explore the psychological insights on consumer behavior, celebrity endorsements, and the allure of subscription services. Learn how businesses can innovate and step away from the status quo to capture customer interest and loyalty.
Oct 16, 2024 • 53min
437. The Science of Immersion: Transforming Business with Dr. Paul Zak
Dr. Paul Zak, a distinguished professor and behavioral neuroscientist, dives deep into the neuroscience of happiness and immersion in business. He reveals how oxytocin influences trust and storytelling can create powerful emotional connections. Paul emphasizes the need for businesses to enhance customer experiences through memorable moments and genuine service. He also introduces the SIX app, designed to track emotional wellness and maximize engagement. Discover the transformative impact of immersion on relationships in both business and personal realms.
Oct 14, 2024 • 28min
436. The Brainy Biases: Why Novelty and Stories Captivate Us (Refreshed Episode)
Explore the captivating biases our brains have toward novelty and storytelling. Discover how the bizarreness effect and humor enhance memory, making marketing strategies more effective. Learn about pareidolia and its ability to capture attention. Uncover the significance of storytelling in fostering trust and engagement, while examining psychological biases like the empathy gap and authority bias. This insightful discussion provides valuable tools for improving decision-making and communication in both personal and professional settings.
Oct 9, 2024 • 49min
435. Scaling Behavioral Economics at BBVA with Quique Belenguer
Quique Belenguer, the global lead of behavioral economics at BBVA, discusses the pivotal role of behavioral science in organizational growth. He shares insights on integrating behavioral economics into diverse projects and emphasizes the need for collaboration across departments. The conversation also explores rethinking loyalty rewards to align with modern consumer behavior. Quique provides practical strategies for building a diverse behavioral economics team, stressing the importance of internal advocates and understanding key performance indicators.
Oct 7, 2024 • 45min
434. Designing for Behavior Change: Insights from Dr. Steve Wendel (Refreshed Episode)
Dr. Steve Wendel, an applied behavioral scientist and co-founder of sistemaFutura, delves into designing for behavior change. He introduces the CREATE and DECIDE frameworks, highlighting their role in tailoring interventions to human tendencies. Steve discusses the significant impact of timing in consumer engagement and shares relatable anecdotes, like the 'fish on the beach' analogy. He emphasizes real-world applications, such as improving financial services with behavioral insights, making complex ideas accessible and practically useful.
